The September market posted more good news as pended sales units reached an all-time high! With most news sources now promoting our area as one of the most undervalued markets in the nation, we are definitely experiencing increased buyer interest and activity. Pended sales in September are the highest for any September during the 10 years for which we have data. The $1 million and up category was up 26% over September 2008. This is the second consecutive month to show such an increase. With this positive news, it is anticipated that this will be an active season in which it is likely that inventories in some areas will return to historically normal or below normal levels.
Another sign that the market is continuing to recover is the decreasing inventory. The number of new listings taken during September as well as year-to-date continue to show a decrease over the prior year.
September 2009 proved to be a record-setting month especially since pended sales were up 70% over September 2008. Another encouraging sign the market is recovering is the number of closed sales. The closed units for the month of September are up 35% over September 2008 and the highest of any September since 2005. See full report here.
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